On Friday, in a prescient note observing the factor, style and sector rotations in the market, Nomura's head of x-asset strategy, Charlie McElligott explained why the most important trade of the past decade - growth over value - is now reversing.

One day later, as moves he pointed out last week accelerate, McElligott has published a follow up piece, in which he warns that the value/growth rotation is accelerating, while hedge funds and other members of the buyside are getting crushed, something Morgan Stanley touched upon earlier today.

However, it’s not just a one week phenomenon: “Cash / Assets” factor (-3.4% today) is the factor category poster-child of “Growth over Value”—and which from the low in U.S. rates in the Summer 2016 through March 2018 was +63.5% as a “market-neutral” strategy; however, since March 9th 2018, the factor is -8.5%